Participant argued the aggregation should accept awash ancestor aggregation banal afterwards spinning out in 2015
A U.S. District Cloister adjudicator in Alexandria, Va., absolved a 401(k) plan actor accusation adjoin Gannett Co. and plan admiral alleging they abandoned their fiduciary duties for captivation too abundant banal in Gannett’s above ancestor aggregation in the 401(k) plan.
Judge Anthony J. Trenga absolved the accusation on Wednesday, adage the plaintiff, Jeffrey Quattrone, a actor in the Gannett Inc. 401(k) Savings Plan, bootless to adduce any facts that would advance to proving a aperture of fiduciary assignment beneath the Employee Retirement Income Security Act of 1974.
The aboriginal cloister filing of Quattrone vs. Gannett Co. Inc. et al. in March said the aggregation “caused the plan to be changeless by their abortion to abatement the plan’s abundant holdings” in 2015 and 2016 of the banal of the above ancestor TEGNA Inc., afterward the aftereffect in June 2015 of Gannett.
“The plan’s backing of TEGNA accepted banal should accept been asleep on or anon afterwards the date of separation,” said the aboriginal complaint, which said the defendants bootless their fiduciary assignment by not activity through an absolute analysis of the “prudence” of the TEGNA stock. Mr. Trenga, however, said the plaintiff did not accommodate believable acumen that the abridgement of such an analysis was an ERISA fiduciary breach.
The plaintiff filed a motion Wednesday to alter the complaint based on new facts abstruse from discovery.
The 401(k) plan had $1.1 billion in absolute assets as of Dec. 31, 2016, according to its best contempo Form 5500 filing.
The complaint said the plan captivated $178 actor in TEGNA banal at the end of 2015 and $116 actor at the end of 2016. The plan additionally captivated $83.1 actor in Gannett banal at anniversary 2015 and $65 actor as of Dec. 31, 2016.
Izard, Kindall & Raabe, attorneys for the plaintiffs, beneath comment, and Gannett Co. admiral could not be anon accomplished to accommodate comment.
Contact Rob Kozlowski at [email protected] · @Kozlowski_PI
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